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Half‐Year Results 2017 Presentation
21 September 2017
• This communication contains statements that constitute “forward‐looking statements”. In this communication, such forward‐looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward‐looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond AEVIS VICTORIA SA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in AEVIS VICTORIA SA’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on AEVIS VICTORIA SA’s group companies websites. Readers are cautioned not to put undue reliance on forward‐looking statements, which speak only of the date of this communication. AEVIS VICTORIA SA disclaims any intention or obligation to update and revise any forward‐looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of AEVIS VICTORIA SA.
Disclaimer
HALF‐YEAR RESULTS 2017 I 2
AEVIS VICTORIA – Group structure
TelemedicineSegment
• AEVIS VICTORIA holds a 40% stake in Medgate group
• Medgate is the leading telemedical services provider in Switzerland
• International activities are being developed
Real Estate Sub‐Segment
• Composed of healthcare and hotel real estate and organised in two dedicated entities
• The portfolio comprises 44 properties on 17 sites
Hospital Segment
• Second largest group of private hospitals in Switzerland
• 15 hospitals, one affiliated hospital and one clinic
• Present in the three main linguistic regions
HospitalitySegment
• Five leading five‐star hotels (4 consolidated, one managed) situated in the most sought‐after locations in Switzerland
• Diversification strategy in the area of services to people
AEVIS VICTORIA SA
AEVIS VICTORIA is an investment company investing in services to people
Incubator
• AEVIS VICTORIA invests in various other activities along the value chain of its main segments
• Activities range from early‐stage ventures (such as stem cell science activities) to companies under restructuring (such as a rescue and ambulance services platform)
• It is intended to combine some of these participations in a structure for digital innovation by the end of 2017
HALF‐YEAR RESULTS 2017 I 3
53.4 69.1 73.1112.9 122.7 119.1 128.8
181.5 188.5
306.8
402.5484.9 508.6
517.1
7.4 8.9 7.5
0.6 4.210.5 8.8
15.1 24.0
40.0
60.865.0
64.574.6
0
10
20
30
40
50
60
70
80
90
100
0
100
200
300
400
500
600
700
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Net revenue
EBITDA
AEVIS VICTORIA – Value creation through M&A
• Genolier• Montchoisi
• Clinique Générale
• Valmont
• Centre des Eaux‐Vives
• Hauts de Genolier
• Bethanien• Lindberg• Pyramide
• Ars Medica• Sant’Anna• Swiss Healthcare Properties
• Obach• Spontini• AS Ambulances
• Valère • Providence• Victoria‐Jungfrau
• Schmerzklinik• Villa im Park• Montbrillant
(CHF
m)
(CHF
m)
• Medgate• LifeWatch• Générale‐Beaulieu
• Crans Ambassador
>600
HALF‐YEAR RESULTS 2017 I 4
• Divestment LifeWatch
AEVIS VICTORIA – Investment strategy
• Investment strategy Acquisition of participations in public and private companies with promising strategies
and products in line with the investment focus “services to people” Build‐up of participations around comprehensive industry platforms, networks and
know‐how Focus on undervalued companies and complex transaction structures with extensive
development potential• Active buy, build and hold approach
Institutional anchor shareholder with a long‐term investment horizon Active involvement in the development of the participations on an operational and
strategic level Strong and stable financial position to ensure the financing of the participations’ long‐
term growth strategies• Exit
Strategy to exit participations in the long‐run through combinations with larger strategic market players
HALF‐YEAR RESULTS 2017 I 5
AEVIS VICTORIA – Highlights 1H2017
• Total revenues from operations increased by 14.7% to CHF 336.6m Integration of Clinique Générale‐Beaulieu within Swiss Medical Network
• EBITDAR surged to CHF 50.2m representing an EBITDAR margin of 17.0%• Two successful divestments
An 11.9% stake in LifeWatch was sold to BioTelemetry Financial profit of CHF 10.0m AEVIS VICTORIA retained a 1.6% shareholding in US based BioTelemetry
A minority shareholding in Linde Holding Biel/Bienne AG was sold to Hirslanden Group Financial profit of CHF 1.6m
• Net profit for the period of CHF 12.2m An increased distribution will be proposed to the next Annual General Meeting
HALF‐YEAR RESULTS 2017 I 6
• Swiss Medical Network Integration of Clinique Générale‐Beaulieu Active involvement with various stakeholders in the Swiss healthcare system to drive
change in the regulatory environment The new TARMED regime will put further pressure on the system
• Victoria‐Jungfrau Collection VJC performed well despite numerous challenges affecting the tourism industry
Well diversified customer portfolio Integration of Hotel Crans Ambassador
Renovated rooms at Victoria‐Jungfrau and Bellevue Palace Renovation plans for a radical makeover of Eden au Lac are finalised First half‐year is historically the weaker semester due to seasonality
• Hospital and hospitality properties Ongoing investments in various properties Start of the construction of an additional building for Privatklinik Villa im Park Additional 11’000 sqm for Privatklinik Lindberg nearing finalisation Municipality approval was received for a zoning change in Genolier
AEVIS VICTORIA segments – Highlights 1H2017
HALF‐YEAR RESULTS 2017 I 7
• AEVIS VICTORIA is listed on SIX Swiss Exchange
• The AEVIS shares are comprised in the SPI, the SLIFE and the SBIOM indices
• AEVIS has successfully issued four straight bonds to diversify its financing sources 2013: CHF 100m – 3.50% (2018) 2014: CHF 145m – 2.75% (2019) 2016: CHF 150m – 2.50% (2021) 2016: CHF 145m – 2.00% (2022)
• Kepler Cheuvreux has published in October 2016 (updated in September 2017) an analyst report on AEVIS with a buy rating and a target price of CHF 68.00
• Ernst & Young has published a valuation report on AEVIS in February 2017 with a fair market value range of CHF 68.20 to CHF 74.80 per share
High visibility on capital markets
HALF‐YEAR RESULTS 2017 I 8
AEVIS VICTORIA – Key financials
• Net revenues amounted to CHF 295.2m with growth of 15.3% mainly due to the integration of Générale‐Beaulieu
• Slightly lower margin than HY2016 EBITDAR margin in line with FY2016 margin
Lower activity in the hospital segment, which should be recovered in the second semester
Strategic baserate reduction• The sale of the LifeWatch and Linde participations generated a financial profit of CHF 11.6m (below EBIT contribution)
• Net profit for the period of CHF 12.2m will lead to higher distributions
• Stable balance sheet metrics compared to FY2016
HALF‐YEAR RESULTS 2017 I 9
Consolidated key figures HY2016 FY2016(in CHF'000)
Income statementTotal revenue 336'627 293'488 592'595Net revenue 295'245 256'068 517'106
EBITDAR 50'197 48'366 87'141EBITDAR margin 17.0% 18.9% 16.9%
EBITDA 42'944 42'175 74'605EBITDA margin 14.5% 16.5% 14.4%
EBIT 18'936 20'582 31'448EBIT margin 6.4% 8.0% 6.1%
Profit for the period 12'155 4'543 2'692
Balance sheetTotal assets 1'724'657 1'417'681 1'719'761Total liabilities 1'323'334 1'112'777 1'338'261Total equity 401'323 304'904 381'500
HY2017
HY 2017 Hospitals Hospitality Real estate Eliminations Total(in CHF'000)
Net revenue 3rd 259'216 28'498 2'560 4'971 ‐ 295'245Net revenue IC 1'583 279 26'770 325 (28'958) ‐ Net revenue 260'799 28'777 29'330 5'297 (28'958) 295'245
Production expenses (61'592) (4'504) ‐ (849) 81 (66'864)Personnel expenses (111'233) (16'332) (215) (7'461) ‐ (135'241)Other operating expenses (33'586) (4'676) (4'271) (2'518) 2'108 (42'943)EBITDAR 54'388 3'266 24'844 (5'530) (26'769) 50'197EBITDAR margin 20.9% 11.3% 84.7% ‐ ‐ 17.0%
HY 2016 Hospitals Hospitality Real estate Eliminations Total(in CHF'000)
Net revenue 3rd 222'204 26'649 1'731 5'485 ‐ 256'068Net revenue IC 6 21 23'884 248 (24'160) ‐ Net revenue 222'210 26'670 25'615 5'733 (24'160) 256'068
Production expenses (52'018) (4'252) ‐ (847) 36 (57'081)Personnel expenses (92'663) (14'928) (152) (7'227) ‐ (114'970)Other operating expenses (27'202) (4'513) (1'615) (2'561) 240 (35'651)EBITDAR 50'327 2'977 23'848 (4'903) (23'884) 48'366EBITDAR margin 22.6% 11.2% 93.1% ‐ ‐ 18.9%
Other & Corporate
Other & Corporate
AEVIS VICTORIA – Segment reporting
HALF‐YEAR RESULTS 2017 I 10
EBITDAR (CHF’000)
PHYSICIANSHOSTPITALS */ CLINICS
NET REVENUE (in CHF million)BEDS
EBITDAR (in CHF million)*INTERVENTIONS
52’785
1’082
15/1*Plus one affiliated hospital
1’968
260.8
54.4• Net revenue growth of 17.4%
Integration of Clinique Générale‐Beaulieu Successful recruitment of 55 new physicians during
1H2017• EBITDAR growth of 8.1%• Cash‐flow from operating activities nearly doubled to
CHF 17.5m• Synergies and efficiency gains led to an improved EBITDAR
margin of 20.9%, bringing the group closer to its long‐term targeted EBITDAR margin of 22%
Key figures Hospital segment
57'504
73'302 71'585 70'856
91'948 18.2% 18.7%
17.4% 17.0%
20.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
‐ 10'000 20'000 30'000 40'000 50'000 60'000 70'000 80'000 90'000
100'000
2012 2013 2014 2015 2016
HALF‐YEAR RESULTS 2017 I 11
Key figures Hospitality segment
Hotels Rooms Total surface Employees
Victoria‐Jungfrau* 216 44’269 236
Eden au Lac* 50 1’419 58
Palace Luzern 129 3’337 129
Bellevue Palace 128 3’296 138
Crans Ambassador 56 10’898 44
Total 579 52’321 605
* Buildings fully owned by AEVIS VICTORIA
NET REVENUE (in CHF million)OVERNIGHT STAYS
EBITDAR (in CHF million)ROOMS
AVERAGE ROOM RATE (in CHF)EMPLOYEES
605
579
76’127 1'177
417
76
28.8
3.3
372• Net revenue growth of 7.9%
Integration of Hotel Crans Ambassador Well‐diversified customer portfolio
• EBITDAR reached CHF 3.3m corresponding to an EBITDAR margin of 11.3%
• The number of overnight stays at 30.06.2017 remained constant at 76’127 with an average room rate of CHF 372
HALF‐YEAR RESULTS 2017 I 12
EBITDAR (in CHF million)MARKET VALUE (in CHF million)
LOCATIONSPROPERTIES
NET REVENUE (in CHF million)RENTAL SURFACE (m2)
193’880
44
1’148.3 24.8
17
29.3• Real estate in Switzerland remains resilient to market
challenges and AEVIS VICTORIA’s real estate portfolio was again fully let in 1H2017
• With a continuing expansion, the real estate portfolio crossed the CHF 1 billion threshold
• The loan to value remains very low at 34.9% • The average interest on mortgages was 1.72% at 30.06.2017 • Wüest Partner market values of real estate imply hidden
reserves of CHF 111.5m compared to activated book values• The portfolio, furthermore, comprises additional
development potential of around 40’000m2
Key figures Real Estate segment
HALF‐YEAR RESULTS 2017 I 13
AEVIS VICTORIA – Outlook 2017
• AEVIS VICTORIA expects to realise total revenues of more than CHF 700m and net revenues of more than CHF 600m based on an unchanged portfolio consolidated over a 12‐month period
• Guidance remains unchanged, full year EBITDAR is expected to reach more than CHF 100m for the first time
• Continuation of the group’s growth strategy • Turnaround or exit of loss making participations of the group• Objective to reach an EBITDA margin of 20% in 2018
HALF‐YEAR RESULTS 2017 I 14
Q&A
HALF‐YEAR RESULTS 2017 I 15